LEX Vehicle Leasing, one of Britain's biggest leasing companies, has revealed a leap in profits following strong growth in the past year.

The joint venture between RAC and HBOS, increased its pre-tax profits to £42.8m in 2003 from £38.2m the previous year, an increase of 12%. Its funded fleet of vehicles grew to 102,300 from 94,700 over the same period.

Jon Walden, Lex Vehicle Leasing's managing director, said: 'These are a good set of results.

'They reflect the focus we have put on our customers in recent years, the operational delivery which supports our service promise and the commitment and capability of the people who work for the company.'

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